108 STAT. 4198
PUBLIC LAW 103-403-OCT. 22, 1994
SEC. 415. GIFT AUTHORITY.
Section 8(b)(1)(G) of the Small Business Act (15 U.S.C.
637(b)(1)(G)) is amended by striking "section 8(b)(1) of this Act"
and by inserting "this Act and to cany out the activities authorized
by title IV of the Women's Business Ownership Act of 1988",
SEC. 416. CONFORMING AMENDMENT.
The table of contents for the Women's Business Ownership
Act of 1988 (15 U.S.C. 631 note) is amended by striking the items
relating to title IV and inserting the following:
"TITLE IV—DEVELOPMENT OF WOMEN'S BUSINESS ENTERPRISE
"Sec. 401. Establishment of the Interagency Committee.
"Sec. 402. Duties of the Interagency Committee.
"Sec. 403. Membership of the Interagency Committee.
"Sec. 404. Reports from the Interagency Committee.
"Sec. 405. Establishment of the National Women's Business Council.
"Sec. 406. Duties of the Council.
"Sec. 407. Membership of the Council.
"Sec. 408. Definitions.
"Sec. 409. Authorization of Appropriations.".
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TITLE V—RELIEF FROM DEBENTURE
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PREPAYMENT PENALTIES
15 USC 661 note. SEC. 501. SHORT TITLE.
This title may be cited as the "Small Business Prepayment
Penalty Relief Act of 1994".
15 USC 697f
SEC. 502. INTENTION OF CONGRESS.
(a) IN GENERAL. — The Small Business Administration shall
fully utilize the $30,000,000 appropriated in Public Law 103-317
to reduce, in accordance with this title and the amendments made
by this title, prepayment penalties imposed in connection with
debentures issued under—
(1) section 303 or 503 of the Small Business Investment
Act of 1958, which have been purchased by the Federal Financing Bank; and
(2) title III to companies operating under section 301(d)
of such Act, which have been purchased by the Small Business
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Administration.
(b) EQUAL OPPORTUNITY.—In order to provide an equal opportunity to participate in the program authorized under this title,
the Small Business Administration shall afford each borrower or
issuer of a debenture subject to this title, not less than 45 days
to elect to participate and to provide an earnest money deposit.
The Administration shall subsequently allow a period of not less
than 4 months, during which those borrowers or issuers that elect
to participate shall be allowed to complete the prepayment process.
(c) RESTRICTIONS ON PARTICIPATION. — In no event shall the
Small Business Administration—
(1) allow any borrower or issuer to participate in the program if the borrower or issuer fails to—
(A) make a timely election and provide the deposit
on a timely basis; or
(B) complete the prepayment process within the
required time; or
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